Tuesday, 5 May 2015
Last updated 9 hours ago
Dec 11 2012 | 9:10am ET
London's public transit employees are more than doubling the amount of their pension invested with hedge funds.
Transport for London's pension is boosting its alternatives allocation to 25%, from 13% in March. Just a year ago, the scheme, which faces a £1.2 billion shortfall, had just over 10% of its assets in hedge funds.
"Trustees have decided to increase the exposure to alternatives, including hedge funds, to improve the fund's risk-adjusted returns," investment officer Padmesh Shukla said.
The beneficiaries of the move are Arrowgrass Capital Partners, Bridgewater Associates and Och-Ziff Capital Management, Reuters reports. The TfL pension already invests with Bridgewater and is boosting its allocation to the firm, while it is in the final stages of investing with the other two.
The pension also currently invests in Davidson Kempner Partners, Gresham Investment Management and BlueCrest Capital Management, although it recently cut its allocation to the latter.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…